President Donald Trump and Hyundai Motor Group executive Eushun Chong announced Monday that the company will invest $21 billion in the US over the next four years.
The announcement came at a press conference in the Roosevelt Room. There, Trump and Chong were accompanied by top Louisiana leaders. These include Gov. Jeff Landry, House Speaker Mike Johnson (R-LA) and majority Whip Steve Scullies (R-LA).
Trump said the steel factories “produce more than 2.7 million tonnes of steel a year, creating more than 1,400 jobs for American steel workers.”
“This is Hyundai's first steel factory in the United States (one of the largest companies in the world) and supplies steel to auto parts and automotive factories in Alabama and Georgia.
Chung said the $21 billion investment over the past four years was Hyundai's “large” investment in the US to date.
“A key part of this commitment is the $6 billion investment to strengthen the US supply chain from iron and parts to automobiles. We are particularly excited about the billions of investments in Hyundai's new Louisiana facility,” he added.
Furthermore, Hyundai plans to buy US LNG worth $3 billion. [liquified natural gas] “We also said Hyundai is opening a $8 billion automotive factory in Georgia to support the US energy industry and enhance energy security.”
When reporters asked Laundry how he could persuade Hyundai to invest in Louisiana, Laundry said the president was a key factor.
“It was easy. I told him there would be a great president this year,” Landry said as Trump broke a smile.
Laundry further said Louisiana officials are “working to make Louisiana business friendly just as the president is making America.”
Johnson welcomed Trump's leadership and noted that more investments could be expected.
This is a policy that has led to great growth and is about leadership, so there is more. And we have a strong new leader back to the White House. It makes a huge difference because everyone in the world sees it.
Johnson also thanked Hyundai for his investment in Bayou State.
“I am grateful to these amazing friends for investing in Hyundai and Louisiana. There is extraordinary leadership at the state level and leadership makes a huge difference. I am grateful to be part of this,” he added.
